Global Digital Transformation Market
The Digital Transformation Market analysis will rapidly proliferate over the forecast period. This is because of the ability of digital transformation to collect data and monitor performance in order to reach prudential business decisions.
Digital Transformation Market Dynamics
The surging demand for industrial mechanisation with the mounting labour cost is projected to elevate the growth of the global digital transformation market. Also, the evolution of industrialisation and the accelerating perforation of social media platforms and smartphones will further strengthen the market size. Simultaneously, the growing espousal of digital technologies, such as social media, Internet of Things, Artificial Intelligence (AI), Machine Learning (ML), robotics, wireless communication, among business organisations will propel the market growth. Furthermore, in accordance with the World Bank, in 2018, approximately 51% of the world’s population use internet through a personal digital assistant, mobile phone, computer, games machine, and digital TV. Besides this, the evolving need to offer a better customer experience and the augmenting business to business and business to commerce applications are other forces supplementing the market growth. However, the growing agitation towards safety and confidentiality concerning private organisational data and the increasing incidences of cyber-attack as well as data violation across business enterprises will restrain the market growth. Simultaneously, the complication in application and insufficient competent workforce will obstruct the digital transformation market size.
On the basis of regional analysis, the Asia Pacific region is projected to expand at a notable rate over the coming years. This is because of the accelerating perforation of internet, rising usage of digital technologies which include artificial intelligence, cloud computing, and robotics in IT, retail, telecommunication, and BFSI industries. Moreover, as per the India Brand Equity Foundation (IBEF), the online seepage of retail is projected to touch 10.7% by 2024 over 4.7% in 2019 and the Indian e-commerce business in will reach $99 billion by 2024, thus propelling the digital transformation market share.
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